Epoch Investment Partners Inc. has reduced its holdings in JPMorgan Chase & Co. (NYSE:JPM) by 13.7% during the second quarter of 2023, according to a recent filing with the Securities and Exchange Commission. The investment firm now owns 1,378,918 shares of the financial services provider, following the sale of 218,411 shares during this period. This reduction means that JPMorgan Chase & Co. constitutes approximately 2.1% of Epoch’s overall portfolio, making it the firm’s fourth largest holding.
As of the end of the most recent reporting period, Epoch’s stake in JPMorgan Chase & Co. was valued at around $399,762,000. The financial landscape surrounding JPMorgan has seen activity from several other major investors as well. For instance, JFS Wealth Advisors LLC increased its holdings by 0.4%, now owning 7,897 shares valued at $2,290,000 after acquiring an additional 35 shares. Similarly, Cottonwood Capital Advisors LLC raised its stake by 0.9%, bringing its total to 3,837 shares worth $1,112,000.
Institutional Investor Activity
Coign Capital Advisors LLC and Rialto Wealth Management LLC also joined the trend of increasing their investments in JPMorgan Chase & Co., with growth rates of 1.2% and 3.9%, respectively. Coign now holds 2,854 shares valued at $827,000, while Rialto owns 929 shares worth $269,000. Breed’s Hill Capital LLC has similarly increased its holdings by 0.8%, acquiring 4,642 shares valued at $1,346,000.
In total, institutional investors control approximately 71.55% of JPMorgan Chase & Co.’s stock, indicating a robust interest in the company from larger financial entities.
Recent Performance and Dividends
On October 30, 2023, shares of JPMorgan Chase & Co. opened at $315.20. The company’s fifty-day moving average stands at $306.73, while its two-hundred-day moving average is $295.09. Over the past year, JPMorgan’s stock has fluctuated between a low of $202.16 and a high of $322.25. Currently, the firm boasts a market capitalization of $858.06 billion, a price-to-earnings ratio of 15.61, and a beta of 1.08.
In an encouraging financial move, JPMorgan Chase & Co. announced a quarterly dividend of $1.50 per share, which was distributed on October 31, 2023. This marks an increase from the previous quarterly dividend of $1.40 and represents an annualized dividend of $6.00, yielding 1.9%. The ex-dividend date for this payment was October 6, 2023, and the company’s current dividend payout ratio is 29.72%.
Analysts have recently updated their forecasts for the stock. DZ Bank maintained a “neutral” rating, while Dbs Bank upgraded its rating to “hold.” Barclays increased its price target from $330.00 to $342.00, giving the company an “overweight” rating. Other notable adjustments include Deutsche Bank, which raised its price objective from $300.00 to $320.00, and Evercore ISI, which set a new target of $330.00 with an “outperform” rating.
Currently, fifteen analysts have issued a “Buy” rating for JPMorgan, while nine have a “Hold” rating and three have recommended “Sell.” According to MarketBeat.com, the stock holds an average rating of “Hold” with a consensus price target of $325.81.
In other news, insider Robin Leopold sold 966 shares of JPMorgan Chase & Co. on November 7, 2023, at an average price of $311.92, totaling approximately $301,314.72. Following this sale, Leopold retains ownership of 58,479 shares, valued at around $18,240,769.68. This transaction resulted in a 1.63% reduction in their position and was documented in a filing with the Securities and Exchange Commission.
With JPMorgan Chase & Co. continuing to attract both institutional and retail investors, its ongoing financial health remains a focal point for many in the investment community.
